THE AFRICAN DEVELOPMENT BANK LAUNCHES THE $5 BILLION AFAWA SERIES PROGRAM IN NAIROBI

THE AFRICAN DEVELOPMENT BANK LAUNCHES THE $5 BILLION AFAWA SERIES PROGRAM IN NAIROBI

21st November 2023
By John Toris

The African Development Bank in collaboration with the African Guarantee Fund has today launched the $5 billion Affirmative Financing Action for Women in Africa (AFAWA) Series Program that aims to run till 2026. The series is aimed at shedding light on the pivotal role of financing women-owned Small and Medium Enterprises (SMEs). The program as well aims to uncover the transformative power of investing in women entrepreneurs and the ripple effect it can have on Kenya's economy.

Following resounding success in Tanzania, DRC, Ghana, Angola, and Nigeria, the AFAWA Finance Series is set to make waves in Kenya. The event has served as a platform for engaging with government officials, regulators, and financial institutions to collectively explore avenues for economic growth and empowerment.

Speaking during the launch, the Council of Governors Chairperson and Governor for Kirinyaga County Ann Waiguru said that bridging the gap that exists between the gender finance is an urgent matter that needs to be worked on before it is too late. 

"Bridging the gender finance gap  is an urgent matter otherwise trends indicate it will take two centuries to close the gap in women's economic empowerment." She said.

PHOTO: COG Chairperson and Kirinyaga Governor Ann Waiguru delivering her keynote address during the 6th edition of AFAWA Finance Series in Nairobi, Kenya

Waiguru further said that she does not give in to a world that tells young women to wait for their granddaughter's granddaughters to experience economic equality, while at the same time urging women entrepreneurs in Kenya to plug into the available financing structures through such programs.

 "I do not accept a world that tells the young women that economic equality can wait for their granddaughter’s granddaughters. For the entrepreneur women in Kenya please plug into the financing structures now available through these programs and within your counties."

Kenya, with its dynamic and vibrant entrepreneurial landscape, is poised to witness the positive effects of empowering women in business. By creating an inclusive financial environment, the country can unlock untapped potential, drive innovation, and contribute to sustainable economic development.

The 6th AFAWA Finance Series has brought together government representatives, key regulators and heads of financial institutions to re-strategize on solutions provided to women owned and led SMEs while focusing on the three pillars of AFAWA: Access to finance, Technical assistance and Enabling environment.

PHOTO: Government representatives, key regulators and heads of financial institutions posing for a photo during the 6th AFAWA Finance Series 

Today's discussions at the AFAWA Finance Series hosted by the Africa Development Bank (AfDB) and Africa Guarantee Fund (AGF) focused on accelerating women's empowerment and improving financial literacy among women in small and medium-scale entrepreneurship at the grassroots level. 





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